Bangladesh has been ranked among the world’s fastest-growing media markets.
Zenith, in its Thirty Rising Media Markets report, expects Bangladesh’s ad market to grow by $457 million between 2017 and 2020.
It is expected to reach $1.3 billion in total over the next three years and see an average annual growth of 15%, reports Campaign Asia-Pacific.
The country’s steady growth will make its ad market more than twice the size of Pakistan by 2020.
Zenith identified 30 up-and-coming advertising markets for its report.
The 30 countries included in the report are: Algeria, Angola, Bangladesh, Bolivia, Cambodia, Cameroon, Côte d’Ivoire, Cyprus, Dominican Republic, Ethiopia, Gabon, Ghana, Guatemala, Iran, Jamaica, Kenya, Mongolia, Morocco, Mozambique, Myanmar, Namibia, Paraguay, Senegal, Sri Lanka, Tanzania, Togo, Trinidad and Tobago, Tunisia, Uganda and Zambia.
Some of these markets have already attracted the attention of multinational advertisers and global agency groups.
These markets have been forecast to grow at a rate of 12.4% over the next three years – three times faster than the global average growth rate.
Zenith’s report forecasts that these markets will generate a total of $13.8 billion in advertising expenditure by 2020 and 29% of it will come from Iran and Bangladesh.
Iran tops the list of 30 markets. Zenith predicts that the country’s media spend will reach $2.1 billion in total by 2020.
However, the report notes that the growth would come to a halt if sanctions were to be re-imposed on the country.
Vittorio Bonori, Zenith’s global brand president, said the 30 markets had “great potential for brand growth for early entrants which have the opportunity to establish their brands with relatively little competition.”
Zenith’s head of forecasting and director of global intelligence Jonathan Barnard said these markets were growing too big to be ignored.
He said these countries would collectively overtake ad spend in Australia, the world’s seventh largest ad market, by 2020.